nifty banknifty HCLTECH trading tips 10-12-2014
Nifty future last closed at 8394 with loss of 96 points. In intraday nifty future hit high around 8477 while low was at 8383. Total 100 points intraday range and closed with loss. Strong sell-off or profit booking rally continues as expected. Our target of 8380 is almost achieved now next level to watch will be around 8180 to 8200. On option side 8500 call options aggressive writing was seen today. On future side, 3.86% open interest build up suggest short addition in market. Here now risk reward is not favorable for fresh shorts so go short on bounce back and below 8380 expect next target around 8200 to 8180 zone.
Bank nifty future last closed at 18420 with loss of 195 points, in intraday banknifty future recorded high around 18670 while low was around 18346. Total 350 points intraday range and index closed with loss of 200 points. On option side 19k, call options strong writing seen. On future side, 7.29% drop in open interest suggests profit bookings by strong hands. For tomorrow, traders below 18550 keep bearish view for banknifty future for target 18300 to 18200. Medium term outlook for banknifty future is now bearish.
For tomorrow, our premarket stock pick will be HCL Technologies Limited. Today HCLTECH stock closed at 1563 with gains. In intraday stock made high around 1576 while low was around 1546. For tomorrow traders can buy HCLTECH stock around 1550-1560, zone with stop loss 1530 for target 1600+ in intraday. Here on weak rupee expect primary trend to resume for long-term target of 1850.
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